NEW YORK, NY / ACCESSWIRE / August 16, 2022 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Olo Inc. ('Olo' or the 'Company') (NYSE:OLO). Investors who purchased Olo securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/olo.

The investigation concerns whether Olo has violated federal securities laws.

On February 12, 2020, Olo issued a press release announcing 'its partnership with Subway® restaurants to integrate digital orders directly into the restaurant's point of sale for the majority of the chain's locations.' Olo also stated that '[t]he partnership allows Subway's network of more than 20,000 U.S. restaurants to more seamlessly handle digital orders from third-party marketplaces.' Then, on August 11, 2022, Olo issued a press release announcing its second quarter 2022 financial results. On a conference call with investors and analysts later that day to discuss those results, Olo disclosed a change in its relationship with Subway that occurred in the second quarter. Specifically, Olo's founder and Chief Executive Officer, Noah Glass, disclosed that the Company is in the process of losing its business from Subway, that it had lost about 2,500 Subway locations during the second quarter that began directly integrating with marketplaces, and that '[w]e expect Subway's direct marketplace integration to continue with the balance of their locations being removed from our total active location counts in the fourth quarter of this year, or the first quarter of 2023.' On this news, Olo's stock price fell $4.73 per share, or 36.41%, to close at $8.26 per share on August 12, 2022.

If you are aware of any facts relating to this investigation or purchased Olo shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/olo. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.

Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]

SOURCE: Bronstein, Gewirtz & Grossman, LLC